Property division is an issue no divorced couple can escape from. While some couples may have a prenuptial agreement that makes things more straightforward, others may be locked in a dispute over who gets what for months. During a time when it feels like everything you know is changing, it's normal to want to hold on to the property and assets you've acquired during your marriage.
The state of Tennessee has laws that require marital property to be equitably distributed, but many couples erroneously assume this means a 50/50 split. Equitable distribution is much more complicated than that. If one party earns a substantially lower income than the other or made sacrifices during the marriage — such as quitting his or her career to stay home with the children — for the financial advancement of the other party, a 50/50 split may, in fact, be very unfair.
For couples who have the most basic assets, such as a joint bank account, cars and a marital home, the property division process will be much easier than those who have complicated financial holdings, like investments, 401(k)s and extensive real estate assets. It can be a struggle just to determine what the marital property is, particularly if only one person has been in charge of the family finances.
However, in both of these cases, and the middle ground between, a family law attorney can help you understand what an equitable division of the assets may look like in your case. At The Law Offices of Jeffrey Jones, we are familiar with Tennessee's property division guidelines and work to protect your interests through every step of your divorce.